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Stormers get equity deal over the line, despite resistance

NEWS: Despite the best efforts of the supporters of Zelt Marais’ War Room to stop the process, the Stormers’ equity deal has finally been dragged over the line.

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The Red Disa Consortium has this week concluded its equity deal to secure a controlling shareholding in Western Province Professional Rugby (Pty) Ltd.

Following a majority vote in favour of the deal by the clubs that constitute the Western Province Rugby Football Union General Council in August and approval by the South African Competition Commission in December, the equity deal for 74 percent shareholding in WPPR has now been concluded.

Philip Burns, a member of Marais’ infamous War Room during that disastrous 2021 period, earlier this year filed an appeal with the competition commission.

@rugby365com obtained a copy of a letter in which the competition commission confirms receipt of Burns’ appeal.

However, Burns and his associates failed to stop the process and it means WPPR is no longer a burden to SARU – who has been supporting the Stormers and WP teams financially.

WPRFU-&-WPPR-special-terms

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The Red Disa consortium is made up of Cape Town-based investment holding company Fynbos Ekwiteit and Ardagh Glass Packaging, a global business with a strong South African presence.

The Cape-based personal investment company of Andre van der Veen, Marble Head Investments, completes the consortium.

Stormers coach John Dobson welcomed the conclusion of the deal, saying that it signifies the start of an exciting new chapter for the professional teams, their faithful supporters in the Western Cape.

“We are all really looking forward to this new chapter and taking our organisation forward together,” Dobson said.

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“The Red Disa Consortium clearly has the best interests of our team and their supporters at heart and hopefully we can build on the strong foundation that we enjoy given the considerable strength of rugby in the region and the passion that our wider community have for the game,” he added.

The SARU-appointed Administrator of the WPRFU, Peter Jooste, said that this deal will ensure the strength of Western Province Rugby into the future.

“We have every reason to be excited about what the future holds as we start this new chapter,” he said.

Fynbos Ekwiteit’s Johan le Roux expressed the consortium’s determination to add value in every way they can now that the deal has been concluded successfully.

“As we have said from the start of this process, we are people with a deep love and appreciation for this team and those who support them so passionately.

“With all of the formalities out of the way, the work starts now to elevate our commercial programme and the professional rugby team to the force it should be, both on and off the field,” he said.

Paul Curnow, CEO of Ardagh Glass Packaging–Africa, said that the development of people and the upliftment of communities is at the heart of the company’s Sustainability Strategy.

“We actively look to work with like-minded partners to extend the reach and broaden the impact of our development work in local communities and we are excited to note that a key focus for this partnership will be the ongoing identification, development, and retention of local talent,” he said.

@rugby365com

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